By Trades Of The Day Research Team, Trades Of The Day, 2024-07-01
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Picking a winning trade on a consistent basis is not simply a stroke of luck. It's the result of calculated screening, planning, and deliberation.
With this in mind, we have started a new weekly series on our top 10 stocks to watch this week — stocks that look poised for a possible breakout in the coming days. Traders should add these stocks to their watchlist now.
The Top 10 Stocks to Watch This Week for Possible Breakouts
| Sl # | Name of the Stock | Stock Ticker | Last Close | Buy Level(s) | Reason |
| 1 | Target Corp | NYSE: TGT | $148.04 | $150.10 | Symmetrical Triangle Pattern |
| 2 | ARS Pharmaceuticals Inc. | NASDAQ: SPRY | $8.51 | $9.20 | Flag Pattern |
| 3 | Unitedhealth Group Inc. | NYSE: UNH | $509.26 | $517.00 | Symmetrical Triangle Pattern |
| 4 | Longboard Pharmaceuticals Inc. | NASDAQ: LBPH | $27.03 | $27.50 | Downtrend Channel Breakout |
| 5 | WNS Holdings Limited | NYSE: WNS | $52.50 | $53.00 | Symmetrical Triangle Pattern |
| 6 | American Public Education Inc. | NASDAQ: APEI | $17.58 | $17.90 | Flag Pattern Breakout |
| 7 | Medifast Inc. | NYSE: MED | $21.82 | $22.70 | Falling Wedge Pattern Breakout |
| 8 | CNA Financial Corp. | NYSE: CNA | $46.07 | $46.50 | Symmetrical Triangle Pattern Breakout |
| 9 | Permian Resources Corp | NYSE: PR | $16.15 | $16.30 | Downtrend Channel Breakout |
| 10 | Seadrill Ltd. | NYSE: SDRL | $51.50 | $52.00 | Symmetrical Triangle Pattern |
Important: Typically, these trades offer a risk: reward ratio of 1:2 or 1:3 in the next 6 months, which implies 2x to 3x rewards when compared to risks. So, be sure to set your stop-loss levels and target prices accordingly to manage your risk. In addition, these trade ideas are triggered using daily closing prices, not intra-day pricing. So, if you participate in these trades, make sure that you only buy the stock once its daily close is above the recommended price level.
That said, here are the top 10 stocks to watch for a breakout, in no particular order.
#1 Target Corp (NYSE: TGT)
Sector:
Consumer Defensive • Discount Stores
Reason:
Formation of a Symmetrical Triangle Pattern
#2 ARS Pharmaceuticals Inc. (NASDAQ: SPRY)
Sector:
Healthcare • Biotechnology
Reason:
Formation of a Flag Pattern
#3 Unitedhealth Group Inc. (NYSE: UNH)
Sector:
Healthcare • Healthcare Plans
Reason:
Formation of a Symmetrical Triangle Pattern
#4 Longboard Pharmaceuticals Inc. (NASDAQ: LBPH)
Sector:
Healthcare • Biotechnology
Reason:
Downtrend Channel Breakout
#5 WNS Holdings Limited (NYSE: WNS)
Sector:
Technology • Information Technology Services
Reason:
Formation of a Symmetrical Triangle Pattern
#6 American Public Education Inc. (NASDAQ: APEI)
Sector:
Consumer Defensive • Education & Training Services
Reason:
Breakout From a Flag Pattern
#7 Medifast Inc. (NYSE: MED)
Sector:
Consumer Cyclical • Personal Services
Reason:
Falling Wedge Pattern Breakout
#8 CNA Financial Corp. (NYSE: CNA)
Sector:
Financial • Insurance – Property & Casualty
Reason:
Symmetrical Triangle Pattern Breakout
#9 Permian Resources Corp (NYSE: PR)
Sector:
Energy • Oil & Gas E&P
Reason:
Downtrend Channel Breakout
#10 Seadrill Ltd. (NYSE: SDRL)
Sector:
Energy • Oil & Gas Drilling
Reason:
Formation of a Symmetrical Triangle Pattern
Happy Trading!
Trades of The Day Research Team
